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Plaza Ciudaña 2012 Low Income Housing Tax Credit

Funded Development

Presented By: Louis Kolker

Executive Director Greater Albuquerque Housing Partnership

THE IMPERATIVES THAT DRIVE NOT-FOR-PROFIT AFFORDABLE HOUSING

1

LAND & LOCATION Land Availability and Its Cost

Entitlements - Zoning Environmental Concerns

Existing Infrastructure Access to Public Transportation

Freeway Access Proximity To: Employment,

Retail and Community Services, Recreational Facilities, Schools

LAND AND LOCATION

312 Indian School Road NE Albuquerque, NM 87102 Santa Barbara/Martineztown Neighborhood

A Designated Metropolitan Redevelopment Area

3 Acre Site in the SB/M Neighborhood

3 Acre Site in the SB/M Neighborhood

Availability and Cost

1. In 2007 - 3 acres of land became available. 2. Had successfully built 40 homes in four previous projects in SB/M Neighborhood 2. Cost was of $300,000/acre $6.88/sq.ft 3. Plan called for construction of 68 units or $13,235/door 4. Three previous projects – land cost was between $12,000 and $20,000/door 5. In 2007 it was the top of the market – THIS WAS A GOOD DEAL

3 Acre Site in the SB/M Neighborhood

3 Acre Site in the SB/M Neighborhood

Entitlements, Zoning, Environmental Concerns

1. Site required rezoning. 2. EPC Approval for Site Plan for Subdivision and Building Permit was required for a zone change from M-1 and NRC to PRD for Planned Residential Development. Cost $60,000 3. Phase I Environmental – Buildings had asbestos which required abatement before demolition. Cost $92,000 4. No other environmental concerns. 5. Relocation. Cost $92,000

M-! NRC

3 Acre Site in the SB/M Neighborhood

3 Acre Site in the SB/M Neighborhood

1. Water and Sewer, Gas, Electric, Cable and Telephone are all available to the site. 2. Public Transportation (BUG) would need to be extended along Broadway to the site a distance of .4 mile to the site. 3. Freeway access from 4th Street is just .4 mile away. 4. The cost to burry overhead lines and run underground utilities is estimated at $75,000.

Existing Infrastructure, Access to Public Transportation, Freeway Access

THE IMPERATIVES THAT DRIVE NOT-FOR-PROFIT AFFORDABLE HOUSING

2

DESIGN AND FEASIBILITY

Number of Units Orientation

Contribution to the Community Hidden Parking

Eyes on the Street Defined Streetscape

PLAZA CIUDAÑA

Proposed Indian School and Broadway Site Plan

MFA MULTIFAMILY PROJECT APPLICATIONSCHEDULE B: UNIT TYPE AND RENT SUMMARY

Project Name: Plaza Ciudana

Section A Restricted Units at 60% of MedianNumber BR/Unit Type Efficiency 1-BR 2-BR 2/2-BR 3/2-BR TotalsSq, Ft./UnitNumber of UnitsGross Monthly Rent/Unit(1)

Minus: Utility AllowanceNet Monthly Rent/UnitAnnual Rental Income (All Units)Vacancy Allowance (%): Section B Restricted Units at 50% of MedianNumber BR/Unit Type Efficiency 1-BR 2-BR 2/2-BR 3/2 BR TotalsSq, Ft./UnitNumber of UnitsGross Monthly Rent/Unit(1)

Minus: Utility AllowanceNet Monthly Rent/UnitAnnual Rental Income (All Units)Vacancy Allowance:

Section C Restricted Units at 40% of Median Number BR/Unit Type Efficiency 1-BR 2-BR 2/2-BR 3/2 BR TotalsSq, Ft./UnitNumber of UnitsGross Monthly Rent/Unit(1)

Minus: Utility AllowanceNet Monthly Rent/UnitAnnual Rental Income (All Units)Vacancy Allowance:

Section D Restricted Units at 120% of Median [542(c) only]Number BR/Unit Type Efficiency 1-BR 2-BR 3-BR ____-BR TotalsSq, Ft./Unit Number of UnitsGross Monthly Rent/Unit(1) Minus: Utility Allowance Net Monthly Rent/Unit Annual Rental Income (All Units)Vacancy Allowance:

Section E Market Rate / Unrestricted UnitsNumber BR/Unit Type Efficiency 1-BR 2-BR 2/2-BR 3/2 BR TotalsSq, Ft./Unit 446 604 768 807 1,082 Number of Units 10 12 18 15 12 67Gross Monthly Rent/Unit(1) Minus: Utility Allowance Net Monthly Rent/Unit 669 846 998 1,009 1,298 Annual Rental Income (All Units) 80,280 121,766 215,654 181,575 186,970 786,245Vacancy Allowance:

Increased Rents 1.50 1.40 1.30 1.25 1.20Section F Total All Units (Total Section A-E)Number BR/Unit Type Efficiency 1-BR 2-BR 2/2-BR 3/2-BR TotalsSq, Ft./Unit 446 581 786 812 1,189 Number of Units 10 12 18 15 12 67Gross Monthly Rent/Unit(1) Minus: Utility Allowance Net Monthly Rent/Unit Annual Rental Income (All Units) 80,280 121,766 215,654 181,575 186,970 786,245Units Receiving Rental Assistance

(To be included in Sections A-E)

Non-Revenue Generating Units(2) 1 1Vacancy Allowance:

7.00%

7.00%

7.00%

7.00%

7.00%

Unit Type Breakdown 10 efficiencies

12 1BR 1B 18 2BR 1B 15 2BR 2B 13 3BR 2B

Coordinated unit type breakdown numbers with management

company assessment of market and NM MFA

requirements

Perspective View from I-40 Looking Southwest

THE IMPERATIVES THAT DRIVE NOT-FOR-PROFIT AFFORDABLE HOUSING

3

FINANCING

Development Costs

Public & Private Financing

Debt Service Cashflow

Put Together a Development Budget for 68 Units

Put Together Sources of Funds

Operating Expense Budget Rent Summary

2012 Income Limits 1 Person 2 Persons 3 Persons 4 Persons 5 Persons 6 Persons 30% AMI $12,810 $ 14,640 $16,470 $18,300 $19,770 $21,240 40% AMI $ 17,080 $ 19,520 $21,960 $24,400 $26,360 $28,320 50% AMI $ 21,350 $ 24,400 $27,450 $30,500 $32,950 $35,400 60% AMI $ 25,620 $ 29,280 $32,940 $36,600 $39,450 $42,480 80% AMI $ 34,160 $ 39,040 $43,920 $48,800 $52,720 $56,640

Maximum Gross Rents By Bed Room Size

Studio 1 BR 2 BR 3 BR 30% AMI $325 $348 $418 $483 40% AMI $434 $465 $558 $644 50% AMI $542 $581 $697 $805 60% AMI $651 $697 $837 $966 NM MFA 2012 Maximum Rents

Unit Type Breakdown

Utility Allowances

THE IMPERATIVES THAT DRIVE NOT-FOR-PROFIT AFFORDABLE HOUSING

4

CONSTRUCTION

Construction Budget Drawdowns

Change Orders Contingency Scheduling Closeout